Market-Linked Insurance Policy (ULIP)

Tax Glossary Definition

Market-Linked Insurance Policy (ULIP)

A life insurance product that combines investment and protection benefits, where returns vary according to the performance of market-linked funds. The proceeds become taxable upon surrender or if the exemption criteria specified under Section 10(10D) are not fulfilled. Example: Maturity proceeds from a ULIP may be partly exempt when annual premiums stay within the prescribed statutory limits.

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